Lowry of NorthMarq arranges $8.968 million construction loan for Turner Road Business Center
RICHMOND, VA — Mike Lowry secured the $8.968 million construction loan for Turner Road Business Center. The property is located at 219 Turner Rd. in Richmond. Financing Details: - 2-year construction (5-year permanent) term with 2-years interest-only payments followed by a 25-year amortization schedule. - NorthMarq arranged financing for the borrower through its relationship with a regional bank. Property Details: - The four building industrial property contains a combined 81,000 s/f. - Property features include: Unit sizes ranging from 2,250 - 22,500 s/f, drive-in doors, 204 parking spaces. - The property is located in Enterprise & Opportunity Zones and the Eastern Midlothian Service District (4.89 acres zoned C-4 in Chesterfield County). Producer Quote: “We were pleased to assist our client in obtaining construction financing for a fully speculative development of four office/warehouse/flex buildings close to Midlothian Tpke., and near the Stonebridge redevelopment of Cloverleaf Mall at Chippenham Parkway. The current Midlothian Corridor industrial/flex market has promising potential for rent growth, with little product under construction,” said Mike Lowry, senior vice president in NorthMarq Richmond regional office.